NEW YORK – The global hemp market could reach $18.6 billion by 2027 if nations around the world take action to clarify the crop’s legal status and address other key issues, according to an extensive report on the industry from the United Nations Conference on Trade & Development.

Citing figures from researcher Krungsri Research Intelligence, a part of Bangkok-based Bank of Ayudhya, the report suggests the next five years could see the market value of hemp quadruple from the estimated $4.7 billion recorded in 2020.

The 84-page report defines the steps that governments can take to capitalize on hemp for its economic and social potential, gives an overview of industrial hemp by output categories, and shows how those hemp subsector derivatives are reflected in trade statistics.

“Hemp value chains can boost growth in rural areas and contribute to both manufacturing and food-processing industries. However, to fully exploit such potentialities, countries may have to take specific actions,” according to the report, which marks the first time an international intergovernmental body has issued a paper promoting the use of industrial hemp.

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